Details of Selected Balance Sheet Accounts

9 Months Ended

Sep. 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 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