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


	December 31, 2024			December 31, 2023
Accounts receivable, net:
Trade	$	128,167		$	128,405
Unbilled revenue	22,242			27,756
Contract assets	40,101			46,746
Other	6,440			4,801
Total accounts receivable	196,950			207,708
Allowance for doubtful accounts	(2,614)			(4,497)
	$	194,336		$	203,211

Allowance for doubtful accounts as a percentage of total accounts receivable	1		%	2		%

As of December 31, 2024, accounts receivable, net in the United States and the United Kingdom represented 61% and 19%, respectively, of the total. No other country or single customer accounted for more than 10% of the Company’s total accounts receivable as of December 31, 2024. A summary of activity in allowance for doubtful accounts for the years ended December 31, 2024, 2023 and 2022 is provided in Note 16, “Valuation Allowances.”

For the majority of contracts with customers, the Company receives payments based upon established contractual terms as products are delivered and services are performed. The Company’s larger project-related contracts within the Offshore Manufactured Products segment often provide for customer payments as milestones are achieved.

Contract assets relate to the Company’s right to consideration for work completed but not billed as of December 31, 2024 and 2023 on certain project-related contracts within the Offshore Manufactured Products segment. Contract assets are transferred to unbilled or trade receivables when the right to consideration becomes unconditional. Contract liabilities primarily relate to advance consideration from customers (i.e. milestone payments) for contracts for project-driven products as well as others which require significant advance investment in materials. Consistent with industry practice, the Company classifies

assets and liabilities related to long-term contracts as current, even though some of these amounts may not be realized within one year. All contracts are reported on the consolidated balance sheets in a net asset (contract asset) or liability (deferred revenue) position on a contract-by-contract basis at the end of each reporting period. In the normal course of business, the Company also receives advance consideration from customers on many other short-term, smaller product and service contracts which is deferred and recognized as revenue once the related performance obligation is satisfied.

For the year ended December 31, 2024, the $6.6 million net decrease in contract assets was primarily attributable to $45.3 million transferred to accounts receivable, which was partially offset by $38.5 million in revenue recognized during the period. Deferred revenue (contract liabilities) increased by $15.6 million in 2024, primarily reflecting $32.5 million in new customer billings which were not recognized as revenue during the year, partially offset by the recognition of $16.5 million of revenue that was deferred at the beginning of the period.

For the year ended December 31, 2023, the $4.1 million net increase in contract assets was primarily attributable to $44.3 million in revenue recognized during the year, which was partially offset by $40.2 million transferred to accounts receivable. Deferred revenue (contract liabilities) decreased by $8.0 million in 2023, primarily reflecting the recognition of $17.6 million of revenue that was deferred at the beginning of the period, partially offset by $9.3 million in new customer billings which were not recognized as revenue during the year.


	December 31, 2024		December 31, 2023
Inventories, net:
Finished goods and purchased products	$	110,850	$	103,599
Work in process	34,539		30,546
Raw materials	108,421		109,627
Total inventories	253,810		243,772
Allowance for excess or obsolete inventory	(38,974)		(41,745)
	$	214,836	$	202,027


	Estimated Useful Life (years)			December 31, 2024		December 31, 2023
Property, plant and equipment, net:
Land				$	28,721	$	30,624
Buildings and leasehold improvements	1	–	40	219,990		221,803
Machinery and equipment	2	–	28	240,955		246,522
Completion-related equipment	2	–	10	134,593		159,110
Office furniture and equipment	1	–	10	36,128		36,115
Vehicles	3	–	10	47,315		52,140
Construction in progress				26,846		7,829
Property, plant and equipment				$	734,548	$	754,143
Accumulated depreciation				(467,677)		(473,754)
				$	266,871	$	280,389

During 2024, certain equipment inventory in the Completion and Production Services segment was reclassified as held for sale assets, and transferred from property, plant and equipment, and inventory, to prepaid and other current assets. The carrying value of these assets totaled $6.5 million as of December 31, 2024.

During 2023, certain facilities in the Offshore Manufactured Products segment were reclassified as held for sale assets, and transferred from property, plant and equipment to prepaid and other current assets. These facilities were sold in 2024. The carrying value of these facilities totaled $17.2 million as of December 31, 2023.

Additionally, the Company sold certain idle facilities and equipment and retired other fully-depreciated completion-related equipment during 2024 and 2023.

For the years ended December 31, 2024, 2023 and 2022, depreciation expense was $38.3 million, $43.6 million and $47.0 million, respectively.


	December 31, 2024		December 31, 2023
Other noncurrent assets:
Deferred compensation plan	$	18,245	$	17,255
Deferred financing costs	1,619		1,109
Deferred income taxes	1,964		2,211
Other	3,075		2,678
	$	24,903	$	23,253


	December 31, 2024		December 31, 2023
Accrued liabilities:
Accrued compensation	$	22,350	$	27,131
Accrued taxes, other than income taxes	1,234		2,076
Insurance liabilities	3,383		3,839
Accrued interest	1,555		1,690
Accrued commissions	3,237		3,060
Other	5,102		6,431
	$	36,861	$	44,227