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Details of Selected Balance Sheet Accounts | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 is presented below (in thousands):
| March 31, 2025 |  | December 31, 2024
Accounts receivable, net: |  |  |
Trade | $ | 109,505 |  |  | $ | 128,167 |
Unbilled revenue | 23,466 |  |  | 22,242 |
Contract assets | 47,870 |  |  | 40,101 |
Other | 5,469 |  |  | 6,440 |
Total accounts receivable | 186,310 |  |  | 196,950 |
Allowance for doubtful accounts | (2,771) |  |  | (2,614) |
| $ | 183,539 |  |  | $ | 194,336 |
Allowance for doubtful accounts as a percentage of total accounts receivable | 1 | % |  | 1 | %
| March 31, 2025 |  | December 31, 2024
Deferred revenue (contract liabilities) | $ | 50,908 |  |  | $ | 52,399 |
As of March 31, 2025, accounts receivable, net in the United States and the United Kingdom represented 65% 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 March 31, 2025. For the three months ended March 31, 2025, the $7.8 million net increase in contract assets was primarily attributable to $20.6 million in revenue recognized during the period, which was partially offset by $12.9 million transferred to accounts receivable. Deferred revenue (contract liabilities) decreased by $1.5 million in the first three months of 2025, primarily reflecting the recognition of $13.0 million of revenue that was deferred at the beginning of the period, partially offset by $10.9 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 three months ended March 31, 2025 and 2024 (in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
Allowance for doubtful accounts – January 1 | $ | 2,614 |  |  | $ | 4,497 |
Provisions | 167 |  |  | 12 |
Write-offs | (12) |  |  | (135) |
Other | 2 |  |  | (5) |
Allowance for doubtful accounts – March 31 | $ | 2,771 |  |  | $ | 4,369 |
| March 31, 2025 |  | December 31, 2024
Inventories, net: |  |  |
Finished goods and purchased products | $ | 111,855 |  |  | $ | 110,850 |
Work in process | 34,647 |  |  | 34,539 |
Raw materials | 108,565 |  |  | 108,421 |
Total inventories | 255,067 |  |  | 253,810 |
Allowance for excess or obsolete inventory | (39,365) |  |  | (38,974) |
| $ | 215,702 |  |  | $ | 214,836 |
|  |  | March 31, 2025 |  | December 31, 2024
Property, plant and equipment, net: |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 738,354 |  |  | $ | 734,548 |
Accumulated depreciation |  | (470,333) |  |  | (467,677) |
|  |  |  |  |  |  | $ | 268,021 |  |  | $ | 266,871 |
For the three months ended March 31, 2025 and 2024, depreciation expense was $8.3 million and $9.9 million, respectively.
| March 31, 2025 |  | December 31, 2024
Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Other intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships | $ | 122,950 |  |  | $ | 57,406 |  |  | $ | 65,544 |  |  | $ | 122,859 |  |  | $ | 55,534 |  |  | $ | 67,325 |
Patents/Technology/Know-how | 70,297 |  |  | 40,996 |  |  | 29,301 |  |  | 70,206 |  |  | 39,699 |  |  | 30,507 |
Tradenames and other | 47,739 |  |  | 20,346 |  |  | 27,393 |  |  | 47,729 |  |  | 19,699 |  |  | 28,030 |
| $ | 240,986 |  |  | $ | 118,748 |  |  | $ | 122,238 |  |  | $ | 240,794 |  |  | $ | 114,932 |  |  | $ | 125,862 |
For the three months ended March 31, 2025 and 2024, amortization expense was $3.8 million and $4.3 million, respectively.
| March 31, 2025 |  | December 31, 2024
Other noncurrent assets: |  |  |
Deferred compensation plan | $ | 17,640 |  |  | $ | 18,245 |
Deferred financing costs | 1,490 |  |  | 1,619 |
Deferred income taxes | 1,992 |  |  | 1,964 |
Other | 3,237 |  |  | 3,075 |
| $ | 24,359 |  |  | $ | 24,903 |
| March 31, 2025 |  | December 31, 2024
Accrued liabilities: |  |  |
Accrued compensation | $ | 13,398 |  |  | $ | 22,350 |
Accrued taxes, other than income taxes | 2,354 |  |  | 1,234 |
Insurance liabilities | 3,647 |  |  | 3,383 |
Accrued interest | 3,022 |  |  | 1,555 |
Accrued commissions | 3,540 |  |  | 3,237 |
Other | 5,897 |  |  | 5,102 |
| $ | 31,858 |  |  | $ | 36,861 |

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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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