
	June 30, 2026			December 31, 2025
Accounts receivable, net:
Trade	$	119,125		$	127,607
Unbilled revenue	22,942			21,870
Contract assets	52,187			47,349
Other	5,263			8,409
Total accounts receivable	199,517			205,235
Allowance for doubtful accounts	(2,591)			(2,790)
	$	196,926		$	202,445

Allowance for doubtful accounts as a percentage of total accounts receivable	1		%	1		%

As of June 30, 2026, accounts receivable, net in the United States and the United Kingdom represented 61% and 12%, 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, 2026.

For the six months ended June 30, 2026, the $4.8 million net increase in contract assets was primarily attributable to $34.3 million in revenue recognized during the period, which was partially offset by $28.9 million transferred to accounts receivable. Deferred revenue (contract liabilities) decreased by $8.9 million in the first six months of 2026, reflecting the recognition of $20.9 million of revenue that was deferred at the beginning of the period, partially offset by $12.1 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, 2026 and 2025 (in thousands):


	Six Months Ended June 30,
	2026		2025
Allowance for doubtful accounts – January 1	$	2,790	$	2,614
Provisions	314		99
Write-offs	(511)		(42)
Other	(2)		329
Allowance for doubtful accounts – June 30	$	2,591	$	3,000


	June 30, 2026		December 31, 2025
Inventories, net:
Finished goods and purchased products	$	97,323	$	84,572
Work in process	31,991		33,281
Raw materials	110,471		95,691
Total inventories	239,785		213,544
Allowance for excess or obsolete inventories	(30,164)		(30,135)
	$	209,621	$	183,409


			June 30, 2026			December 31, 2025
Property, plant and equipment, net:







Property, plant and equipment	$	670,904		$	666,887
Accumulated depreciation	(438,657)			(422,505)
							$	232,247	$	244,382

For the three months ended June 30, 2026 and 2025, depreciation expense was $6.7 million and $8.1 million, respectively. Depreciation expense was $13.5 million and $16.4 million for the six months ended June 30, 2026 and 2025, respectively.


	June 30, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Other intangible assets:
Customer relationships	$	123,023	$	108,524	$	14,499	$	123,073	$	107,300	$	15,773
Patents/Technology/Know-how	68,976		60,589		8,387		68,999		59,605		9,394
Tradenames and other	47,747		41,996		5,751		47,752		41,464		6,288
	$	239,746	$	211,109	$	28,637	$	239,824	$	208,369	$	31,455

For the three months ended June 30, 2026 and 2025, amortization expense was $1.4 million and $3.8 million, respectively. Amortization expense was $2.8 million and $7.6 million for the six months ended June 30, 2026 and 2025, respectively. During the fourth quarter of 2025, the Company assessed the carrying value of the long-lived assets of an asset group within the Downhole Technologies segment. As a result of this assessment, the segment reduced the carrying values of customer relationships by $44.7 million, patents/technology/know-how by $19.3 million and tradenames by $16.2 million. Following these fourth quarter 2025 impairments, amortization expense associated with these intangible assets in 2026 decreased from 2025 levels.


	June 30, 2026		December 31, 2025
Other noncurrent assets:
Deferred compensation plan	$	24,296	$	22,564
Deferred financing costs	—		997
Deferred income taxes	2,163		2,057
Other	3,361		3,430
	$	29,820	$	29,048


	June 30, 2026		December 31, 2025
Accrued liabilities:
Accrued compensation	$	16,677	$	23,573
Accrued taxes, other than income taxes	2,602		872
Insurance liabilities	2,993		2,972
Accrued interest	430		599
Accrued commissions	2,778		2,715
Other	6,728		7,749
	$	32,208	$	38,480