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Composition of Certain Balance Sheet Accounts | 6 Months Ended
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Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Composition of Certain Balance Sheet Accounts | 5. Composition of Certain Balance Sheet Accounts Inventories consist primarily of telecommunications systems and parts and are recorded at the lower of average cost or net realizable value. We evaluate the need for write-downs associated with obsolete, slow-moving and nonsalable inventory by reviewing net realizable inventory values on a periodic basis. Inventories as of June 30, 2024 and December 31, 2023 were as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Work-in-process component parts |  | $ | 34,107 |  |  | $ | 34,692 |
Finished goods |  |  | 34,951 |  |  |  | 28,495 |
Total inventory(1) |  | $ | 69,058 |  |  | $ | 63,187 |
(1) See Note 4, “Government Assistance,” for additional information. Prepaid expenses and other current assets as of June 30, 2024 and December 31, 2023 were as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Interest rate caps and receivable |  | $ | 18,920 |  |  | $ | 23,227 |
FCC reimbursement receivable(1) |  |  | 17,471 |  |  |  | 18,274 |
Contract assets(1) |  |  | 6,205 |  |  |  | 6,939 |
Prepaid inventories |  |  | 2,704 |  |  |  | 2,606 |
Other |  |  | 15,376 |  |  |  | 13,092 |
Total prepaid expenses and other current assets |  | $ | 60,676 |  |  | $ | 64,138 |
(1) See Note 4, “Government Assistance,” for additional information. Property and equipment as of June 30, 2024 and December 31, 2023 were as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Office equipment, furniture, fixtures and other |  | $ | 20,058 |  |  | $ | 19,153 |
Leasehold improvements |  |  | 16,174 |  |  |  | 16,132 |
Network equipment(1) |  |  | 186,394 |  |  |  | 184,176 |
|  |  | 222,626 |  |  |  | 219,461 |
Accumulated depreciation |  |  | (127,940 | ) |  |  | (121,332 | )
Total property and equipment, net |  | $ | 94,686 |  |  | $ | 98,129 |
(1) See Note 4, “Government Assistance,” for additional information. Other non-current assets as of June 30, 2024 and December 31, 2023 were as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Interest rate caps |  | $ | 8,440 |  |  | $ | 10,295 |
Contract assets, net of allowances of $664 and $591, respectively(1) |  |  | 9,501 |  |  |  | 9,625 |
Revolving credit facility deferred financing costs |  |  | 795 |  |  |  | 1,011 |
Other |  |  | 4,811 |  |  |  | 5,048 |
Total other non-current assets |  | $ | 23,547 |  |  | $ | 25,979 |
(1) See Note 4, “Government Assistance,” for additional information. Accrued liabilities as of June 30, 2024 and December 31, 2023 were as follows (in thousands):
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Operating leases |  | $ | 10,560 |  |  | $ | 10,284 |
Employee compensation and benefits |  |  | 10,025 |  |  |  | 10,386 |
Customer credit reserve |  |  | 6,731 |  |  |  | 6,027 |
Network equipment |  |  | 5,412 |  |  |  | 4,533 |
Warranty reserve |  |  | 3,380 |  |  |  | 3,420 |
Gogo Galileo development costs |  |  | 6,749 |  |  |  | 2,432 |
Taxes |  |  | 2,571 |  |  |  | 2,170 |
Accrued interest |  |  | 466 |  |  |  | 469 |
Other |  |  | 7,088 |  |  |  | 7,928 |
Total accrued liabilities |  | $ | 52,982 |  |  | $ | 47,649 |

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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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