Details of Selected Balance Sheet Accounts

9 Months Ended

Sep. 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 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