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Details of Selected Balance Sheet Accounts | 9 Months Ended
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Sep. 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 September 30, 2025 and December 31, 2024 is presented below (in thousands):
| September 30, 2025 |  | December 31, 2024
Accounts receivable, net: |  |  |
Trade | $ | 130,016 |  |  | $ | 128,167 |
Unbilled revenue | 23,297 |  |  | 22,242 |
Contract assets | 43,573 |  |  | 40,101 |
Other | 7,255 |  |  | 6,440 |
Total accounts receivable | 204,141 |  |  | 196,950 |
Allowance for doubtful accounts | (2,524) |  |  | (2,614) |
| $ | 201,617 |  |  | $ | 194,336 |
Allowance for doubtful accounts as a percentage of total accounts receivable | 1 | % |  | 1 | %
| September 30, 2025 |  | December 31, 2024
Deferred revenue (contract liabilities) | $ | 73,200 |  |  | $ | 52,399 |
As of September 30, 2025, accounts receivable, net in the United States and the United Kingdom represented 65% and 12%, respectively, of the total. Additionally, as of September 30, 2025, one customer accounted for 17% of the total accounts receivable – with approximately 95% of the customer balance collected in October. No other country or single customer accounted for more than 10% of the Company’s total accounts receivable as of September 30, 2025. For the nine months ended September 30, 2025, the $3.5 million net increase in contract assets was primarily attributable to $36.4 million in revenue recognized during the period, which was partially offset by $32.9 million transferred to accounts receivable. Deferred revenue (contract liabilities) increased by $20.8 million in the first nine months of 2025, primarily reflecting $48.7 million in new customer billings which were not recognized as revenue during the period, partially offset by the recognition of $29.2 million of revenue that was deferred at the beginning of the period. The following provides a summary of activity in the allowance for doubtful accounts for the nine months ended September 30, 2025 and 2024 (in thousands):
| Nine Months Ended September 30,
| 2025 |  | 2024
Allowance for doubtful accounts – January 1 | $ | 2,614 |  |  | $ | 4,497 |
Provisions | 195 |  |  | 855 |
Write-offs | (615) |  |  | (726) |
Other | 330 |  |  | 84 |
Allowance for doubtful accounts – September 30 | $ | 2,524 |  |  | $ | 4,710 |
| September 30, 2025 |  | December 31, 2024
Inventories, net: |  |  |
Finished goods and purchased products | $ | 111,034 |  |  | $ | 110,850 |
Work in process | 37,174 |  |  | 34,539 |
Raw materials | 109,232 |  |  | 108,421 |
Total inventories | 257,440 |  |  | 253,810 |
Allowance for excess or obsolete inventory | (34,571) |  |  | (38,974) |
| $ | 222,869 |  |  | $ | 214,836 |
|  |  | September 30, 2025 |  | December 31, 2024
Property, plant and equipment, net: |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 751,543 |  |  | $ | 734,548 |
Accumulated depreciation |  | (478,290) |  |  | (467,677) |
|  |  |  |  |  |  | $ | 273,253 |  |  | $ | 266,871 |
For the three months ended September 30, 2025 and 2024, depreciation expense was $8.1 million and $9.5 million, respectively. Depreciation expense was $24.5 million and $29.9 million, respectively, for the nine months ended September 30, 2025 and 2024.
| September 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 | $ | 123,064 |  |  | $ | 61,142 |  |  | $ | 61,922 |  |  | $ | 122,859 |  |  | $ | 55,534 |  |  | $ | 67,325 |
Patents/Technology/Know-how | 70,269 |  |  | 43,640 |  |  | 26,629 |  |  | 70,206 |  |  | 39,699 |  |  | 30,507 |
Tradenames and other | 47,751 |  |  | 21,638 |  |  | 26,113 |  |  | 47,729 |  |  | 19,699 |  |  | 28,030 |
| $ | 241,084 |  |  | $ | 126,420 |  |  | $ | 114,664 |  |  | $ | 240,794 |  |  | $ | 114,932 |  |  | $ | 125,862 |
For the three months ended September 30, 2025 and 2024, amortization expense was $4.0 million and $4.1 million, respectively. Amortization expense was $11.6 million and $12.7 million for the nine months ended September 30, 2025 and 2024, respectively.
| September 30, 2025 |  | December 31, 2024
Other noncurrent assets: |  |  |
Deferred compensation plan | $ | 19,309 |  |  | $ | 18,245 |
Deferred financing costs | 1,130 |  |  | 1,619 |
Deferred income taxes | 2,454 |  |  | 1,964 |
Other | 3,437 |  |  | 3,075 |
| $ | 26,330 |  |  | $ | 24,903 |
| September 30, 2025 |  | December 31, 2024
Accrued liabilities: |  |  |
Accrued compensation | $ | 18,246 |  |  | $ | 22,350 |
Accrued taxes, other than income taxes | 4,371 |  |  | 1,234 |
Insurance liabilities | 3,067 |  |  | 3,383 |
Accrued interest | 2,504 |  |  | 1,555 |
Accrued commissions | 2,971 |  |  | 3,237 |
Other | 6,693 |  |  | 5,102 |
| $ | 37,852 |  |  | $ | 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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