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Composition of Certain Balance Sheet Accounts

9 Months Ended

Sep. 30, 2020

8.	Composition of Certain Balance Sheet Accounts

Prepaid expenses and other current assets as of September 30, 2020 and December 31, 2019 were as follows (in thousands):

	September 30,		December 31,
	2020		2019
Contract assets	$	1,670	$	540
Restricted cash		560		560
Other		4,218		5,713
Total prepaid expenses and other current assets	$	6,448	$	6,813

Property and equipment as of September 30, 2020 and December 31, 2019 were as follows (in thousands):

	September 30,			December 31,
	2020			2019
Office equipment, furniture, fixtures and other	$	10,650		$	10,526
Leasehold improvements		12,012			12,012
Network equipment		139,049			138,727
		161,711			161,265
Accumulated depreciation		(97,404	)		(92,082	)
Total property and equipment, net	$	64,307		$	69,183

Other non-current assets as of September 30, 2020 and December 31, 2019 were as follows (in thousands):

	September 30,		December 31,
	2020		2019
Contract assets, net of allowances of $320 and $0, respectively (1)	$	8,719	$	2,588
Restricted cash		5,101		7,099
Other		1,542		2,434
Total other non-current assets	$	15,362	$	12,121

(1)	Allowances for contract assets as of September 30, 2020 is due to the adoption of ASC 326. See Note 10, “Composition of Certain Reserves and Allowances,” for additional information.

Accrued liabilities as of September 30, 2020 and December 31, 2019 were as follows (in thousands):

	September 30,		December 31,
	2020		2019
Accrued interest	$	43,427	$	17,048
Operating leases		7,197		7,580
Employee compensation and benefits (1)		11,296		9,818
Taxes		1,950		5,037
Current portion of ABL Credit Facility (2)		6,000		-
Warranty reserve		2,050		2,500
Other		5,981		6,087
Total accrued liabilities	$	77,901	$	48,070

(1)	Includes certain amounts expected to be paid in Gogo common stock for employees classified within discontinued operations. See Note, 17 “Employee Retirement and Postretirement Benefits,” for additional information.

(2)	See Note 11, “Long-Term Debt and Other Liabilities,” for additional information.

Other non-current liabilities as of September 30, 2020 and December 31, 2019 were as follows (in thousands):

	September 30,		December 31,
	2020		2019
Asset retirement obligations	$	4,296	$	4,093
Deferred tax liabilities		2,474		2,340
Employee compensation (1)		1,308		-
Other		2,825		1,098
Total other non-current liabilities	$	10,903	$	7,531

(1)	Includes certain amounts expected to be paid in Gogo common stock for employees classified within discontinued operations. See Note, 17 “Employee Retirement and Postretirement Benefits,” for additional information.