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Details of Selected Balance Sheet Accounts | 6 Months Ended
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Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 is presented below (in thousands):
| June 30, 2024 |  | December 31, 2023
Accounts receivable, net: |  |  |
Trade | $ | 131,745 |  |  | $ | 128,405 |
Unbilled revenue | 26,462 |  |  | 27,756 |
Contract assets | 43,671 |  |  | 46,746 |
Other | 5,784 |  |  | 4,801 |
Total accounts receivable | 207,662 |  |  | 207,708 |
Allowance for doubtful accounts | (3,968) |  |  | (4,497) |
| $ | 203,694 |  |  | $ | 203,211 |
Allowance for doubtful accounts as a percentage of total accounts receivable | 2 | % |  | 2 | %
| June 30, 2024 |  | December 31, 2023
Deferred revenue (contract liabilities) | $ | 34,404 |  |  | $ | 36,757 |
As of June 30, 2024, accounts receivable, net in the United States and the United Kingdom represented 68% and 13%, 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, 2024. For the six months ended June 30, 2024, the $3.1 million net decrease in contract assets was primarily attributable to $34.9 million transferred to accounts receivable, which was partially offset by $31.8 million in revenue recognized during the period. Deferred revenue (contract liabilities) decreased by $2.4 million in the first six months of 2024, primarily reflecting the recognition of $11.1 million of revenue that was deferred at the beginning of the period, partially offset by $8.8 million in new customer billings which were not recognized as revenue during the period. The following provides a summary of activity in the allowance for doubtful accounts for the six months ended June 30, 2024 and 2023 (in thousands):
| Six Months Ended June 30,
| 2024 |  | 2023
Allowance for doubtful accounts – January 1 | $ | 4,497 |  |  | $ | 5,226 |
Provisions | 135 |  |  | 14 |
Write-offs | (655) |  |  | (204) |
Other | (9) |  |  | 37 |
Allowance for doubtful accounts – June 30 | $ | 3,968 |  |  | $ | 5,073 |
| June 30, 2024 |  | December 31, 2023
Inventories, net: |  |  |
Finished goods and purchased products | $ | 106,253 |  |  | $ | 103,599 |
Work in process | 33,706 |  |  | 30,546 |
Raw materials | 118,175 |  |  | 109,627 |
Total inventories | 258,134 |  |  | 243,772 |
Allowance for excess or obsolete inventory | (40,787) |  |  | (41,745) |
| $ | 217,347 |  |  | $ | 202,027 |
|  |  | June 30, 2024 |  | December 31, 2023
Property, plant and equipment, net: |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 755,207 |  |  | $ | 754,143 |
Accumulated depreciation |  | (484,329) |  |  | (473,754) |
|  |  |  |  |  |  | $ | 270,878 |  |  | $ | 280,389 |
For the three months ended June 30, 2024 and 2023, depreciation expense was $10.4 million and $11.2 million, respectively. Depreciation expense was $20.3 million and $22.2 million, respectively, for the six months ended June 30, 2024 and 2023.
| June 30, 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 | $ | 141,321 |  |  | $ | 60,921 |  |  | $ | 80,400 |  |  | $ | 141,342 |  |  | $ | 56,499 |  |  | $ | 84,843 |
Patents/technology/know-how | 70,168 |  |  | 37,130 |  |  | 33,038 |  |  | 70,113 |  |  | 34,541 |  |  | 35,572 |
Tradenames and other | 52,503 |  |  | 21,436 |  |  | 31,067 |  |  | 52,505 |  |  | 19,910 |  |  | 32,595 |
| $ | 263,992 |  |  | $ | 119,487 |  |  | $ | 144,505 |  |  | $ | 263,960 |  |  | $ | 110,950 |  |  | $ | 153,010 |
For the three months ended June 30, 2024 and 2023, amortization expense was $4.3 million and $4.3 million, respectively. Amortization expense was $8.5 million and $8.6 million for the six months ended June 30, 2024 and 2023, respectively.
| June 30, 2024 |  | December 31, 2023
Other noncurrent assets: |  |  |
Deferred compensation plan | $ | 17,499 |  |  | $ | 17,255 |
Deferred financing costs | 1,805 |  |  | 1,109 |
Deferred income taxes | 2,439 |  |  | 2,211 |
Other | 2,622 |  |  | 2,678 |
| $ | 24,365 |  |  | $ | 23,253 |
| June 30, 2024 |  | December 31, 2023
Accrued liabilities: |  |  |
Accrued compensation | $ | 18,510 |  |  | $ | 27,131 |
Accrued taxes, other than income taxes | 3,518 |  |  | 2,076 |
Insurance liabilities | 4,257 |  |  | 3,839 |
Accrued interest | 1,559 |  |  | 1,690 |
Accrued commissions | 3,390 |  |  | 3,060 |
Other | 7,259 |  |  | 6,431 |
| $ | 38,493 |  |  | $ | 44,227 |

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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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