Details of Selected Balance Sheet Accounts

6 Months Ended

Jun. 30, 2024

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, 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