Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2021

Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

Note 8 — Accrued Expenses and Other Liabilities

The components of accrued expenses and other current liabilities were as follows:

	December 31,		December 31,
	2021		2020
	(in thousands)
Payroll and related benefits	$	35,712	$	26,630
Warranty		7,878		5,058
Operating lease liabilities		4,437		4,148
Interest		2,757		2,574
Professional fees		1,467		1,112
Legal settlement		15,000		—
Sales, use, and other taxes		4,889		2,658
Other		7,612		2,696
Total	$	79,752	$	44,876

Customer deposits and deferred revenue

Customer deposits totaled $46.9 million and $49.3 million at December 31, 2021 and 2020, respectively, which are included in “Customer deposits and deferred revenue” in the Consolidated Balance Sheets. Deferred revenue represents amounts billed, other than deposits, in excess of the revenue that can be recognized on a particular contract at the balance sheet date. Changes in deferred revenue were as follows:

	(in thousands)
Balance - December 31, 2020	$	17,985
Deferral of revenue		6,782
Recognition of unearned revenue		(8,491)
Balance - December 31, 2021	$	16,276

As of December 31, 2021, the Company has approximately $33.6 million of remaining performance obligations on contracts with an original estimated duration of one year or more, of which approximately 94% is expected to be recognized within one year, with the remaining amounts expected to be recognized between one to three years. The Company has elected to exclude disclosures regarding remaining performance obligations that have an original expected duration of one year or less.

Other liabilities

As part of a prior acquisition, the Company assumed an executive non-qualified deferred compensation plan that allowed qualifying executives to defer cash compensation. The plan was frozen at the time of acquisition and no further contributions have been made. The plan was terminated and fully liquidated during 2021. At December 31, 2020, plan assets approximated $2.4 million, representing the cash surrender value of life insurance policies and is included within “Other assets” in the Consolidated Balance Sheets, while plan liabilities approximated $2.5 million and is included within “Other liabilities” in the Consolidated Balance Sheets.

At December 31, 2021 and 2020, other liabilities also included (i) asset retirement obligations of $2.8 million and $2.7 million, respectively; (ii) income tax payables of $0.4 million and $1.4 million, respectively; and (iii) medical and dental benefits for former executives of $1.8 million and $1.9 million, respectively. Additionally, as a result of the Coronavirus, Aid, Relief, and Economic Security Act, the Company has accrued for and deferred the deposit and payment of its share of social security taxes, resulting in a liability of $3.6 million at December 31, 2020, of which $1.8 million is included within “Accrued expenses and other current liabilities”, and $1.8 million is included within “Other liabilities” in the Consolidated Balance Sheets. At December 31, 2021, a $1.7 million liability remains for these deferred payroll taxes, which is included within “Accrued expenses and other current liabilities.”