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Details of Selected Balance Sheet Accounts | 6 Months Ended
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Jun. 30, 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 June 30, 2025 and December 31, 2024 is presented below (in thousands):
| June 30, 2025 |  | December 31, 2024
Accounts receivable, net: |  |  |
Trade | $ | 116,960 |  |  | $ | 128,167 |
Unbilled revenue | 17,467 |  |  | 22,242 |
Contract assets | 58,027 |  |  | 40,101 |
Other | 7,252 |  |  | 6,440 |
Total accounts receivable | 199,706 |  |  | 196,950 |
Allowance for doubtful accounts | (3,000) |  |  | (2,614) |
| $ | 196,706 |  |  | $ | 194,336 |
Allowance for doubtful accounts as a percentage of total accounts receivable | 2 | % |  | 1 | %
| June 30, 2025 |  | December 31, 2024
Deferred revenue (contract liabilities) | $ | 50,307 |  |  | $ | 52,399 |
As of June 30, 2025, accounts receivable, net in the United States and the United Kingdom represented 58% and 20%, respectively, of the total. No other country or single customer accounted for more than 10% of the Company’s total accounts receivable as of June 30, 2025. For the six months ended June 30, 2025, the $17.9 million net increase in contract assets was primarily attributable to $38.3 million in revenue recognized during the period, which was partially offset by $20.4 million transferred to accounts receivable. Deferred revenue (contract liabilities) decreased by $2.1 million in the first six months of 2025, primarily reflecting the recognition of $23.7 million of revenue that was deferred at the beginning of the period, partially offset by $20.2 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 six months ended June 30, 2025 and 2024 (in thousands):
| Six Months Ended June 30,
| 2025 |  | 2024
Allowance for doubtful accounts – January 1 | $ | 2,614 |  |  | $ | 4,497 |
Provisions | 99 |  |  | 135 |
Write-offs | (42) |  |  | (655) |
Other | 329 |  |  | (9) |
Allowance for doubtful accounts – June 30 | $ | 3,000 |  |  | $ | 3,968 |
| June 30, 2025 |  | December 31, 2024
Inventories, net: |  |  |
Finished goods and purchased products | $ | 111,022 |  |  | $ | 110,850 |
Work in process | 36,342 |  |  | 34,539 |
Raw materials | 106,765 |  |  | 108,421 |
Total inventories | 254,129 |  |  | 253,810 |
Allowance for excess or obsolete inventory | (37,699) |  |  | (38,974) |
| $ | 216,430 |  |  | $ | 214,836 |
|  |  | June 30, 2025 |  | December 31, 2024
Property, plant and equipment, net: |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 754,482 |  |  | $ | 734,548 |
Accumulated depreciation |  | (480,808) |  |  | (467,677) |
|  |  |  |  |  |  | $ | 273,674 |  |  | $ | 266,871 |
For the three months ended June 30, 2025 and 2024, depreciation expense was $8.1 million and $10.4 million, respectively. Depreciation expense was $16.4 million and $20.3 million, respectively, for the six months ended June 30, 2025 and 2024.
| June 30, 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 | $ | 123,132 |  |  | $ | 59,303 |  |  | $ | 63,829 |  |  | $ | 122,859 |  |  | $ | 55,534 |  |  | $ | 67,325 |
Patents/Technology/Know-how | 70,437 |  |  | 42,315 |  |  | 28,122 |  |  | 70,206 |  |  | 39,699 |  |  | 30,507 |
Tradenames and other | 47,758 |  |  | 20,995 |  |  | 26,763 |  |  | 47,729 |  |  | 19,699 |  |  | 28,030 |
| $ | 241,327 |  |  | $ | 122,613 |  |  | $ | 118,714 |  |  | $ | 240,794 |  |  | $ | 114,932 |  |  | $ | 125,862 |
For the three months ended June 30, 2025 and 2024, amortization expense was $3.8 million and $4.3 million, respectively. Amortization expense was $7.6 million and $8.5 million for the six months ended June 30, 2025 and 2024, respectively.
| June 30, 2025 |  | December 31, 2024
Other noncurrent assets: |  |  |
Deferred compensation plan | $ | 18,076 |  |  | $ | 18,245 |
Deferred financing costs | 1,350 |  |  | 1,619 |
Deferred income taxes | 2,264 |  |  | 1,964 |
Other | 3,463 |  |  | 3,075 |
| $ | 25,153 |  |  | $ | 24,903 |
| June 30, 2025 |  | December 31, 2024
Accrued liabilities: |  |  |
Accrued compensation | $ | 17,138 |  |  | $ | 22,350 |
Accrued taxes, other than income taxes | 3,315 |  |  | 1,234 |
Insurance liabilities | 3,303 |  |  | 3,383 |
Accrued interest | 1,376 |  |  | 1,555 |
Accrued commissions | 3,191 |  |  | 3,237 |
Other | 7,028 |  |  | 5,102 |
| $ | 35,351 |  |  | $ | 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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