Details of Selected Balance Sheet Accounts

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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