Details of Selected Balance Sheet Accounts

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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