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Supplemental Financial Statement Information
 9 Months Ended
Sep. 30, 2024
Condensed Financial Information Disclosure [Abstract]  
Supplemental Financial Statement Information
Note 5 – Supplemental Financial Statement Information

Restricted Cash

The Company has agreed to maintain restricted cash of $14.4 million under agreements with outside parties. During 2024, escrow accounts of $6.7 million were established in conjunction with certain business acquisitions, to be released upon meeting certain working capital and other post-closing requirements as of the one-year post-acquisition dates with a balance of $5.9 million at September 30, 2024. The Company is restricted from withdrawing this balance without the prior consent of the sellers. The remaining restricted cash balance of $8.5 million represents collateral for certain borrowings under the Amended Credit Agreement, and the Company is restricted from withdrawing this balance without the prior consent of the respective lenders.

Assets Held for Sale

As of September 30, 2024, the Company had $3.4 million of Assets held for sale within the Condensed Consolidated Balance Sheets for a property committed for sale. This balance represents the carrying value of the property. No gain or loss has been recognized as the carrying amount was less than the anticipated fair value expected to be received upon sale. The sale is expected to be completed within the next twelve months.
Property, Plant and Equipment, net

Components of property, plant and equipment, net were as follows:
(in thousands)September 30, 2024December 31, 2023
Land$16,656 $16,916 
Buildings and improvements64,978 50,376 
Machinery and equipment55,159 48,844 
Capitalized software12,236 9,148 
Furniture and fixtures13,269 11,022 
Vehicles5,891 1,738 
Construction in progress(1)
4,413 6,025 
Total172,602 144,069 
Accumulated depreciation and amortization(43,675)(30,258)
Property, plant and equipment, net$128,927 $113,811 
(1)Construction in progress primarily relates to upgrades to certain of the Company’s information technology systems and distribution facilities that we expect to place in service in the next 12 months.

Depreciation expense for property, plant and equipment and amortization expense for capitalized software, which are included in Selling, general and administrative expenses in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Depreciation expense for property, plant and equipment$4,125 $3,490 $11,625 $9,540 
Amortization expense for capitalized software$834 $473 $2,503 $1,975 

Rental Equipment, net

Rental equipment, net consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Rental equipment$47,109 $52,387 
Accumulated depreciation(24,508)(27,812)
Rental equipment, net$22,601 $24,575 

Depreciation expense for rental equipment, which is included in Cost of goods sold in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Depreciation expense for rental equipment$1,693 $1,739 $5,159 $5,936 

Refer to Note 4 – Revenue Recognition for a discussion on the Company’s activities as lessor
Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Accrued compensation$23,829 $25,371 
Accrued and withheld taxes, other than income taxes10,805 8,661 
Deferred acquisition payments and accrued earnout liabilities6,828 7,513 
Accrued customer rebates5,687 5,473 
Deferred revenue4,391 810 
Accrued severance and acquisition related retention bonus4,390 21,128 
Accrued stock-based compensation2,530 5,573 
Accrued interest2,283 3,301 
Accrued health benefits2,270 1,728 
Accrued income taxes1,754 1,994 
Other17,316 15,689 
Total accrued expenses and other current liabilities$82,083 $97,241 

Other Liabilities

Other liabilities consisted of the following:
(in thousands)September 30, 2024December 31, 2023
Security bonus plan$7,564 $8,666 
Deferred compensation11,848 11,041 
Other4,425 5,736 
Total other liabilities$23,837 $25,443