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Details of Selected Balance Sheet Accounts | 9 Months Ended
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Sep. 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 September 30, 2024 and December 31, 2023 is presented below (in thousands):
| September 30, 2024 |  | December 31, 2023
Accounts receivable, net: |  |  |
Trade | $ | 129,597 |  |  | $ | 128,405 |
Unbilled revenue | 20,018 |  |  | 27,756 |
Contract assets | 30,762 |  |  | 46,746 |
Other | 6,869 |  |  | 4,801 |
Total accounts receivable | 187,246 |  |  | 207,708 |
Allowance for doubtful accounts | (4,710) |  |  | (4,497) |
| $ | 182,536 |  |  | $ | 203,211 |
Allowance for doubtful accounts as a percentage of total accounts receivable | 3 | % |  | 2 | %
| September 30, 2024 |  | December 31, 2023
Deferred revenue (contract liabilities) | $ | 34,742 |  |  | $ | 36,757 |
As of September 30, 2024, accounts receivable, net in the United States and the United Kingdom represented 63% and 18%, 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, 2024. For the nine months ended September 30, 2024, the $16.0 million net decrease in contract assets was primarily attributable to $44.2 million transferred to accounts receivable, which was partially offset by $28.5 million in revenue recognized during the period. Deferred revenue (contract liabilities) decreased by $2.0 million in the first nine months of 2024, primarily reflecting the recognition of $14.2 million of revenue that was deferred at the beginning of the period, partially offset by $12.0 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 nine months ended September 30, 2024 and 2023 (in thousands):
| Nine Months Ended September 30,
| 2024 |  | 2023
Allowance for doubtful accounts – January 1 | $ | 4,497 |  |  | $ | 5,226 |
Provisions | 855 |  |  | 23 |
Write-offs | (726) |  |  | (208) |
Other | 84 |  |  | 18 |
Allowance for doubtful accounts – September 30 | $ | 4,710 |  |  | $ | 5,059 |
| September 30, 2024 |  | December 31, 2023
Inventories, net: |  |  |
Finished goods and purchased products | $ | 117,535 |  |  | $ | 103,599 |
Work in process | 32,018 |  |  | 30,546 |
Raw materials | 112,774 |  |  | 109,627 |
Total inventories | 262,327 |  |  | 243,772 |
Allowance for excess or obsolete inventory | (41,193) |  |  | (41,745) |
| $ | 221,134 |  |  | $ | 202,027 |
|  |  | September 30, 2024 |  | December 31, 2023
Property, plant and equipment, net: |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 734,468 |  |  | $ | 754,143 |
Accumulated depreciation |  | (467,080) |  |  | (473,754) |
|  |  |  |  |  |  | $ | 267,388 |  |  | $ | 280,389 |
For the three months ended September 30, 2024 and 2023, depreciation expense was $9.5 million and $11.1 million, respectively. Depreciation expense was $29.9 million and $33.3 million, respectively, for the nine months ended September 30, 2024 and 2023.
| September 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 | $ | 123,050 |  |  | $ | 53,723 |  |  | $ | 69,327 |  |  | $ | 141,342 |  |  | $ | 56,499 |  |  | $ | 84,843 |
Patents/technology/know-how | 70,301 |  |  | 38,452 |  |  | 31,849 |  |  | 70,113 |  |  | 34,541 |  |  | 35,572 |
Tradenames and other | 47,750 |  |  | 19,060 |  |  | 28,690 |  |  | 52,505 |  |  | 19,910 |  |  | 32,595 |
| $ | 241,101 |  |  | $ | 111,235 |  |  | $ | 129,866 |  |  | $ | 263,960 |  |  | $ | 110,950 |  |  | $ | 153,010 |
For the three months ended September 30, 2024 and 2023, amortization expense was $4.1 million and $4.3 million, respectively. Amortization expense was $12.7 million and $12.9 million for the nine months ended September 30, 2024 and 2023, respectively. As further discussed in Note 2, “Asset Impairments and Other Charges and Credits,” during the third quarter of 2024 the Company made a strategic decision to exit an underperforming service offering within the Completion and Production Services segment. As a result of this action, the segment recognized non-cash impairment charges of $9.1 million related to customer relationships and $1.7 million related to tradenames.
| September 30, 2024 |  | December 31, 2023
Other noncurrent assets: |  |  |
Deferred compensation plan | $ | 18,632 |  |  | $ | 17,255 |
Deferred financing costs | 1,689 |  |  | 1,109 |
Deferred income taxes | 2,425 |  |  | 2,211 |
Other | 3,190 |  |  | 2,678 |
| $ | 25,936 |  |  | $ | 23,253 |
| September 30, 2024 |  | December 31, 2023
Accrued liabilities: |  |  |
Accrued compensation | $ | 18,995 |  |  | $ | 27,131 |
Accrued taxes, other than income taxes | 4,444 |  |  | 2,076 |
Insurance liabilities | 3,633 |  |  | 3,839 |
Accrued interest | 3,014 |  |  | 1,690 |
Accrued commissions | 3,466 |  |  | 3,060 |
Other | 6,426 |  |  | 6,431 |
| $ | 39,978 |  |  | $ | 44,227 |

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